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{
    "id": 1545144,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1545144/?format=api",
    "text_counter": 194,
    "type": "speech",
    "speaker_name": "Sen. Oketch Gicheru",
    "speaker_title": "",
    "speaker": null,
    "content": "We have seen a number of our businesses closing down out of this borrowing. You want to raise a bigger deficit of about Kshs900 billion, which again has increased from Kshs700 billion last year. As you increase the cost of borrowing in this country and the risk associated with it in the domestic market, you are also increasing taxes on these businesses. The corporate tax, income tax and all the taxes in this country are making it virtually impossible to think about a start-up business. Businesses that could easily attract Kshs500 million cannot get those monies in our economy today. The reason being the structure of debt makes it not possible to get money to finance them in our economy. If you come to a start-up market, we do not have a thriving venture capitalist, who can backstop the idea of lack of credit in our commercial business. I know there are people arguing that there is no country that does not borrow. Yes, even the United States of America (USA) borrows. That is true. USA has a debt. China and other countries borrow, but they borrow in their currency. The USA is comfortable with their debt. If the worst happens, the USA will simply print their money and pay. However, when we borrow, we peg it to the Dollar and any adjustments in the global market econony will affect us. Therefore, our debt will continue piling. If we approve what the National Treasury is asking us without juxtaposing it with the BPS, by June this year, we will have a debt stock of Kshs11.07 trillion. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}